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What Synchronized Recovery?

Sometimes, the narrative gets a little ahead of reality. The latest data out of Japan and the euro area suggest the narrative was on a different planet.It’s been difficult to be patient – waiting for markets to catch down with hard economic data. But, we got our first taste of reality in quite a while yesterday, with more to come in the days ahead if/when SPX 2703 breaks down.

So far, “when” has a solid lead on “if”: USDJPY is tumbling, VIX is on the rise, and oil and gas might have finally lost their momentum. With Fed minutes coming out later today, will we finally see some acknowledgement of the inflation problem?continued for members…